In a strategic move, the sixth-largest cryptocurrency exchange, OKX, collaborates with blockchain platform Polygon Labs. Their joint venture focuses on launching the X1 testnet, introducing a groundbreaking zkEVM layer-2 solution. This technology aims to enhance Ethereum’s capabilities, notably boosting transaction speeds and reducing costs significantly.
This collaboration signals a turning point for layer-2 networks, pushing for broader acceptance of Ethereum’s scaling solutions. OKX plans to unveil X1, utilizing Polygon’s zero-knowledge rollup technology and fortified by Polygon’s Chain Development Kit for robust security and exceptional performance.
The X1 testnet empowers developers to build and test decentralized applications with escalated scalability. OKX engineers and the Polygon team collaborate closely to fine-tune the network during testing, anticipating a full mainnet release in Q1 2024.
Jason Lau, Chief Innovation Officer at OKX, highlights X1’s role in ushering users into the Web3 realm. He describes it as a scalable, accessible network designed for developers to craft top-tier consumer Web3 applications and seamlessly integrate with other networks.
Polygon’s layer-2 solution leverages zero-knowledge cryptographic proofs, enabling transaction bundling off-chain before Ethereum validation. This technique potentially achieves 100-200x greater throughput while maintaining Ethereum’s security.
The X1 testnet launch aligns with major exchanges, like Coinbase, revealing their layer-2 networks. Mark Boiron, CEO of Polygon Labs, sees X1’s success as a magnet for projects, fostering growth within Polygon’s interoperable ecosystem.
During testing, OKB serves as the native gas token on X1. The network’s long-term vision is to provide a swift, cost-effective environment for trading, lending, staking, and various decentralized finance activities.
The collaboration between OKX and Polygon Labs marks a milestone for Ethereum’s evolution, propelling the industry towards a more scalable, accessible, and dynamic decentralized future. As X1 prepares for its full launch, the anticipation grows for the transformative impact it could bring to Ethereum’s landscape and beyond.